DVDs can be produced at a constant marginal cost of 5 per disk, and Roaring Lion Studios is releasing the DVDs for its last two major films. The DVD for Rambeau 17 is priced at 20 per disk, and the DVD for Schreck 10 is priced at 30 per disk.
What are the price elasticities of demand for these two movies? A) Both equal -1.2.
B) -0.75 and -5/6, respectively
C) -1.33 and -1.2, respectively
D) -1.33 and -2, respectively
Question 2
Suppose Bob owns two factories that are located several hundred miles apart. Bob decides to manage one of the plants himself, and he hires another person to manage the second plant.
For purposes of operating the second plant, who is the agent and who is principal? A) Bob is the agent and the manager is the principal.
B) Bob is the principal and the manager is Bob's agent.
C) Both Bob and the manager are principals.
D) We need more information to determine the identities of the principal and the agent in this case.
A graphical representation of the marginal value theorem.
Lion
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